The Top 5 second home locations for the world’s Ultra High-Net-Worth Individuals (UHNWIs; those with a net worth of over US $30M) are Los Angeles, London, New York, Hong Kong & Singapore according to a recent analysis by Wealth-X proprietary data.
High-net-worth individuals increasingly tend to own multiple residences. Half of the world’s ultra-wealthy individuals own two or more homes . Around 10% own five or more properties. In addition to their primary residence― usually situated near to their business head office, in or close to a major city―these buyers are likely to own at least one luxury home close to their favorite leisure pursuits.
Los Angeles’ celebrity enclaves of Beverly Hills, Bel Air, Malibu, West Hollywood and Hollywood Hills are a favorite second home destination due to its global entertainment industry and year round resort climate as well as the size of the UHNW population and its cultural richness (such as museums, art, music, theaters, hotels, and world-class restaurants), and the range of luxury shopping.
Another enticement are the extraordinary properties offered in LA’s luxury real estate marketplace, whether it’s a luxury high rise, city or ocean view pool villa or Westside bungalow. Below is a snap shot of average price per square foot costs of a few other major locations compared to LA:
City Luxury Ultra Luxury
Los Angeles $1,200 $2,400
Paris $1,200 $3,000
New York $1,800 $3,400
Monaco $3,135 $5,512
For more information regarding Los Angeles & Beverly Hills real estate, please contact Greg Moesser, Sotheby’s International Realty-Beverly Hills brokerage at 310-770-9014.